It can also be used as a respectful term of address for someone older than you, like "sir" or "mister".
Here are some examples:
* "Bhai, kya kar rahe ho?" - "Brother, what are you doing?"
* "Bhai, mujhe yeh samajh nahin aata." - "Brother, I don't understand this."
* "Bhai, thoda pani dedo." - "Brother, could you give me some water?"